A Malaysian-led group planning to develop a liquefied natural gas terminal in northern British Columbia is offering one aboriginal community more than CA$1 billion (US$822 million) in incentives over 40 years to approve the project.
Pacific NorthWest LNG, led by Malaysia’s state-owned Petroliam Nasional Bhd, is offering the payments to the Lax Kw’alaams First Nation so it can build a gas-export terminal on the community’s traditional lands at the northern port of Prince Rupert, according to a posting on the native group’s website. The deal, with a total value of CA$1.15 billion, also includes incentives from the provincial government and pipeline developers.
The proposed export facility is part of a CA$36 billion plan by Petronas, as the state-owned company is known, to ship gas reserves from Canada’s westernmost province by tanker to growing energy markets in Asia.
The 3,600-person Lax Kw’alaams community will vote on the incentive package this month, according to the Globe and Mail, which first reported the plan.
Pacific NorthWest’s project is one of 19 LNG developments proposed in British Columbia. Petronas, which is awaiting environmental approval from the Canadian government, has yet to make a final decision to proceed.
Recommended Reading
Hess Midstream Announces 10 Million Share Secondary Offering
2024-02-07 - Global Infrastructure Partners, a Hess Midstream affiliate, will act as the selling shareholder and Hess Midstream will not receive proceeds from the public offering of shares.
Enterprise Products Partners Ups Quarterly Distribution
2024-04-05 - Enterprise Products Partners said the distribution represents a 5.1% increase over first quarter 2023.
Plains All American Names Michelle Podavin Midstream Canada President
2024-03-05 - Michelle Podavin, who currently serves as senior vice president of NGL commercial assets for Plains Midstream Canada, will become president of the business unit in June.
Matador Completes NatGas Connections in Delaware Basin
2024-03-25 - Matador Resources completed natural gas pipeline connections between Pronto Midstream to San Mateo Midstream and to Matador’s acreage in the Delaware Basin.
Targa Resources Ups Quarterly Dividend by 50% YoY
2024-04-12 - Targa Resource’s board of directors increased the first-quarter 2024 dividend by 50% compared to the same quarter a year ago.